Lilac Designs is a partnership with a tax year that ends November 30, 2016 . During that year, William, a partner, received $4,000 per month as a guaranteed payment and his share of partnership income after guaranteed payments was $20,000 . For December

of 2016, William received a guaranteed payment of $10,000 . Calculate the amount of income from the partnership that William should report for his tax year ended December 31, 2016.

$68,000 = $20,000 + (12 × $4,000)